SHARE
Oil well in Qaidam Basin, Qinghai Province, China

According to the U.S. Energy Information Administration (EIA) global gasoline, heating oil, and petroleum consumption reached its highest level of 88.9 million barrels a day (bpd) in 2012.

As we’ve previously covered, significant portion of this consumption is concentrated in Asia, where consumption grew by 4.4 million barrels per day. China’s share alone stood at 2.8 million bpd, while India consumed 800,000 bpd.

China is expected to displace the United State as the worlds largest importer of oil this year, as China’s consumption continues to grows and the U.S. becomes more self reliant.

Watch a video of Asia’s consumption growth over time here.

The American decrease in imported oil is also attributed to economic and technological factors. The lowest ebb in U.S. demand came during the economic downturn and was followed by technological breakthroughs in fuel efficiencies.

In Europe, the sluggish economy and higher awareness of climate issues have also had an impact and reduced consumption.